The share price of this leading energy player in EPC projects gained 7 percent to Rs 286.45 per share on Monday after receiving a Rs 22.5 crore work order from Maithon Power Limited.
At 10:55 a.m., GE Power India Ltd shares were quoted at Rs 274.60 apiece, up 2.41 percent on the National Stock Exchange. The company has a market capitalization of Rs 1,861 crore.
GE Power received a work order from Maithon Power Limited for the combustion modification of the Boiler for 2 x 525 MW units. For a contract value of Rs.22.5 crores. The order is to be executed within 22 months, as per company exchange filing.
The work includes design, manufacture, shop fabrication, assembly, shop testing, type testing at the manufacturer’s works, inspection, packing, supply, storage & handling at the site, installation, construction, performance testing at the site of NOx emission abatement system (combustion modification) for 2 x 525 MW units of Maithon Power Limited.
GE Power India shares have gained 71 percent in the last six months and delivered a multibagger return of 102 percent in a year. A company shareholder investment of Rs 1 lakh would be worth Rs 2.02 lakhs in a year.
The company’s revenues have decreased by 17 percent year on year from Rs 428 crore in Q2FY23 to Rs 354 crore in Q2FY24, while net losses have reduced from Rs 113 crore to Rs 62 crore.
GE Power India Ltd is engaged in the business of engineering, procurement & construction (EPC) of key equipment for thermal and hydropower plants. It is one of the leading players in the Indian power generation equipment market.
The company is a subsidiary of a multinational company i.e. General Electric Company. The company manufactures and provides boilers, mills, air quality control systems, automation & control, and services for steam-powered thermal plants. It is also involved in the EPC of key equipment for hydro and gas powered.
In FY23, EPC for plants, structures, and facilities accounted for 86% of revenues, followed by boilers and accessories (5.6%), engineering services (7%) other project items, and repair services accounted for less than 1% each.
The company reported a new order book of Rs 671 crore as of September quarter, while reporting an order backlog of Rs 3,699 crores.
Written by Omkar Chitnis
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